Data Blog.

This report provides an overview of the evolving business model of blockchain networks. We analyze incumbents and newcomers, showing how each of them leverages verticalization differently to answer a simple question: How is the business model of blockchain networks evolving?

This report examines how leading crypto exchanges are evolving from trading venues into integrated financial platforms spanning trading, yield, payments, custody, and collateral. Using a four-layer framework, it explores how liquidity, retained balances, onchain payments, and institutional collateral rails are reshaping exchange competition.

In this report, Kaiko and MerQube analyze how crypto-native and ETF Bitcoin options priced risk differently across two parallel markets in 2025.

This report examines how European crypto markets transformed regulatory clarity into moderate but consistent growth during 2025-2026, analyzing the mechanisms through which MiCA’s implementation, exchange competition dynamics, and liquidity improvements compounded across the market.

21shares, one of the world’s leading issuers of crypto exchange-traded funds (ETFs), announced the launch of
the 21shares Canton Network ETF (Ticker: TCAN). The fund is the first U.S. ETF designed to offer investors
direct exposure to the Canton Coin (CC), the native utility token of the Canton Network.

Korea is among the most influential crypto markets, and we focus on analyzing how to measure and understand its liquidity. This report analyzes the key signals that allow for accurate reading of crypto liquidity across Korean exchanges.

A deep dive into Binance’s liquidity flywheel that enabled the platform to reach 300 million users.

It’s a big week ahead for macro news, with multiple central bank meetings, including the Fed, and a plethora of economic data to sift through. Moreover, crypto markets just absorbed a enormous $9bn BTC sale without much fuss. We explore all these topics and more in this week’s debrief.

Bitcoin came close to a new all-time high last week before strong U.S. jobs data dented rate-cut hopes and pulled markets lower. Yet momentum remains intact, driven by institutional demand and a clear shift toward Bitcoin over altcoins. This week, we explored the structural shifts that may be laying the groundwork for a breakout.